THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1836.

and the said company, shall be bound to furnish on
oath or affirmation of their president, when so required
by the General Assembly a statement of the receipts
and expenditures of the said Rail Road; provided al-

CHAP. 298.

Statements of
proceeds

ways, that the General Assembly shall have full power
and authority from time to time to regulate and fix the
rates of toll to be charged as aforesaid, so that the
profits of the company after payment of all reasonable
and necessary expenses, shall not be less than six per
cent per annum on its capital stock.

Change of rates

SEC. 7. And be it enacted, That the Mayor, Recor-
der, Aldermen and Common Council of the city of
Annapolis shall be and they are hereby authorised to
subscribe for capital stock of the said company to any

Corporation of
Annapolis au-
thorised to sub-
scribe

amount not exceeding thirty thousand dollars, and to
provide for payment thereof, by borrowing money or
levying taxes on the assessable property as they may
from time to time deem expedient.

Limit
Provide pay-

ment

SEC. 8. And be it enacted, That the Treasurer for
the Western shore on behalf of this State be and he is
hereby authorised to subscribe for capital stock of the
said company, to any amount not exceeding three hun-

Treasurer re-
quired to sub-
scribe, &c.

dred thousand dollars which may be necessary to com-
plete the said road; provided however, that before any
such subscription is made by the Treasurer, it shall
appear to the governor by estimate to be prepared by
the said company, and approved by the State's Topo-
graphical Engineer, or by some other competent per-
son to be selected by the governor, that the subscrip-
tions to the capital stock of said company, including
the subscription hereby authorized on the part of the
State, at the par value thereof will be adequate to the
construction of the aforesaid rail road.

Proviso

SEC. 9. And be it enacted, That before any subscrip-
tion shall be made on the part of this State to the ca-
pital stock aforesaid, the said company, by its presi-
dent and directors, shall enter into a covenant with the
State of Maryland, under the corporate seal of said com-
pany, to pay to the said State semi-annual ly, out of the

Obligation, re-
quired

profits of the company, a sum equal in amount to the
sum of six per centum per annum, on the subscription
which shall be made on the part of this State, under
the provisions of this act, which said payments shall
continue to be made until the clear annual profits of the

To secure per
the State, &c.